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We've all experienced making a bad financial decision at some point in our lives. Perhaps it was an impulse buy or a celebratory splurge on something we didn't need or have a use for. But the worst kind of bad financial decision is one that's made for the purpose of keeping up with others in your work, social, or family circle/s. Even if the item is useful, acquiring it just to 'stay current' is not a good use of your money. I think we can all agree on this. Photo: Engin Akyurt, Unsplash Being satisfied One of the key pillars of financial literacy is living within your means. It's the most sensible (and hence boring) advice to heed. However, I understand that not everyone may be in a situation to do this, as there are those who are having a tough time making ends meet. I believe that one of the basic foundations of financial literacy is learning to be content with what you have. Remember, envy is the enemy of joy. Being content does not mean doing a shoddy job or putting in zero effort in what you do. It means learning to enjoy and be happy with what you have when you've done all you can for yourself. Let's say you've saved money to buy that new smartphone you've been eyeing. It has a larger screen, bigger battery, better camera, etc. After you've acquired it, enjoy it. Pay no heed to the next person who comes along and says, "You should have gotten the model I bought instead because it's even better!" In this case, no technology is perfect and besides, the moment a new model of whatever hits the market, it starts becoming obsolete. What you should focus on is using your new device and enjoying the memories it's helping you create and save. Photo: Peter Broomfield, Unsplash The comparison trap We make comparisons every day. It's part of decision-making and it's mostly beneficial, especially when we're trying to save money by finding a better deal. However, comparing yourself to others can easily become an exercise in making yourself unhappy. Let's say you've aimed to purchase a Rolls-Royce by the time you're 35. You work hard, make savvy investments, and with some luck, manage to buy Ghost Series II. If you're constantly comparing yourself to others, then you're going to be very frustrated at the next business convention or owners' meeting. There's always going to be someone out there who bought his or her first Rolls-Royce when they were 30 or younger. There will be others who own several, including classic models, too. Photo: Shahrukh Rehman, Unsplash In such situations, comparing your situation to others' will end up gnawing away at you, with dissatisfaction eventually leading to anxiety. That's no way to live. This is an extreme example, but the point is similar. Focus on what's important. Did you achieve what you set out to achieve? And along the way, did you, your business and your employees grow as well? And if you managed to commission that Roller without even denting your bank account, that surely counts as a success. Photo: Kerry Rawlinson, Unsplash Learning to be content Many of us push ourselves hard to achieve more year after year. To strive for excellence is good. But instead of focussing on what others did better – which you may or may not be able to emulate – take a step back and observe what you did better compared to last year, while also thinking about what can be improved. There will always others who are smarter, better-looking, better-connected, wealthier, etc. Instead, aim to be the best version of yourself. Learn to take stock of what you've achieved and what you have. These things aren't taught in school, but they work in real life. It's a solid foundation for learning to be content, which then becomes the building block of financial literacy. – Jeremy (Main image: Micheile Henderson, Unsplash)

SINGAPORE - The multimillion-dollar Pagani Huayra supercar owned by beleaguered businessman Ng Yu Zhi was among the $100 million worth of assets seized by the Commercial Affairs Department (CAD), The Straits Times understands. Ng, the 33-year-old director of Envy Asset Management and Envy Global Trading, was charged last week with two counts of cheating fund management firm Envysion Wealth Management and its chief executive, Ms Shim Wai Han, of at least $48 million. Ng also faces two charges of being a party to his two firms, which were operated for fraudulent purposes. At least $1 billion is believed to have been invested with Ng's two firms to purportedly finance nickel trading, making this one of the largest financial fraud cases in Singapore. Industry sources valued Ng's Pagani Huayra - the only one in Singapore - at between $7 million and $8 million. A brand new one would cost about $12 million. ST understands that the car was previously owned by Mr Steven Goh, chief executive of Ossia International. The rare Italian supercar, which was first registered in 2017, was showcased at Envy Motors' showroom, according to the company's Facebook post in October 2019. Accounting and Corporate Regulatory Authority (Acra) records showed Ng as a director of the car dealership from 2018. He was a shareholder of Envy Motors from May 22, 2018, to Oct 30, 2019. Acra records also showed that Ng was involved in Swag EV, which deals with electric scooters, where Ms Shim of Envysion Wealth is also a director. Ng ceased his directorship with Swag EV earlier this month. ST understands that Ng's Porsche 911 GT3 was also seized. Ng's Ferrari 488 Pista Spider and a Toyota Lexus LS500, which came with one of the most sought-after vehicle number plates, S11T, had been sold. A used car dealer who asked not to be named confirmed that he had bought the Toyota Lexus and the vehicle number plate. Ng had apparently paid several hundred thousands of dollars for the car and number plate from the same dealer previously.

It's tough to be rich in Singapore. For the ladies, a pair of classic Louboutin pumps costs US$2,714 here, compared with only US$1,005 in Hong Kong. A Chanel bag comes at US$5,781 versus US$4,921 and a Tiffany 2 carat diamond ring sets you back US$159,910 against US$116,452. For the men, a gold Rolex Oyster costs US$33,341 in Singapore against US$32,207 in Hong Kong and a Cohiba cigar, at US$1,375, is three times as expensive here. And this is before one even touches on high-end property, whose prices have shot through the roof this year. But if it is any consolation, a wedding banquet for 500 at a top Hong Kong hotel would cost US$121,100 against US$67,482 in Singapore while memberships to classy golf clubs also cost almost 50 per cent more there. A Julius Baer Lifestyle index released yesterday has found that the rich in Singapore suffered the highest inflation rate of 13.7 per cent to maintain their lifestyle against their friends in Hong Kong (10.8 per cent), Shanghai (8.8 per cent) and Mumbai (2.6 per cent). This is despite the fact that the Singapore dollar has strengthened more than 5 per cent against the greenback this year. The index, in its second year, comprises 20 items, capturing both goods and services in US dollars, in Mumbai, Shanghai, Hong Kong and Singapore. "Naturally, the selection of items covered in the Julius Baer Lifestyle Index is subject to individual taste. However, the goods and services chosen for the index should better reflect the lifestyle choices and consumption patterns of high net worth individuals than the more traditional consumer price indices available," said Julius Baer. For 2012, the average Julius Baer Lifestyle Index across the four cities rose 8.8 per cent, down from last year's 11.7 per cent. This rate of increase was well above regional, traditional consumer price indices of about 6 per cent, the private bank said. "Singapore was home to the highest price hikes in US dollar terms, followed by Shanghai, Hong Kong and lastly Mumbai. Across the region, the prices of high-end wine, wedding banquets, handbags and business-class air travel underwent the largest increases," it noted. Julius Baer spokeswoman Lim Li Koon said the increase for Singapore is mainly due to the property score, which jumped 35 per cent. Homes of the ultra rich in US dollar terms went from US$9.7 million to US$13 million, she said. Many other items actually saw no change or even slight declines. Jewellery, shoes and handbags, for example, did not change in price at all. Wedding banquets went up 10 per cent, but this happened in most of the cities. Cars also went up another 5 per cent. The Singapore story is skewed heavily by massive property price movement, she added. Stefan Hofer, Julius Baer emerging markets strategist, said driving the index was property and prices of luxury articles which have pricing power compared to services. "For example, watches have been able to increase their prices relative to service providers like lawyers and hospitals," he said. It's still no comfort to the ladies should they suffer the indignity of a fall from their 8-inch heels, as a night in a posh Singapore hospital at US$756 far exceeds Hong Kong's US$464. And if you want to make sure your spouse does not fritter the hard earned cash away, a family lawyer costs US$660 per hour here, almost double that in Hong Kong. One consolation is that a facelift in Singapore at US$2,559 is far cheaper than the other cities. Ditto root canal treatment. So how do the rich cope with the almost 14 per cent inflation? According to David Lim, chief executive of Julius Baer Singapore, they remain conservative in their investments, spending only a fraction of their wealth to maintain their lifestyle. "They're not expecting a 14 per cent return, not becoming more aggressive in their investment approach," he said. They are concerned about inflation and their higher living expenses. "There's a lot of activity going into income and dividend stocks," he added.

Hi all, have a set of ROH 'Envy' 15x7x112pcd rims with Goodyear Eagle German made tires to clear. Rims are in excellent condition except for 1 with kerb rash. Rims & tires have only 5000+ mileage.$200 only Cash & carry. Contact/sms/pm me to deal. Gerald 94244315 See below link of ROH wheels: http://www.roh.com.au/asp/iframe_content/d...ay.aspx?ID=Envy http://www.roh.com.au/asp/product_catalogue.asp

Hi bro, I notice that there has been so many blasting other thread. So to soften the mood, especially since it's christmas around the corner, I just want to start a discussion of car, with pics, that are on the road and we envy with our jaws drop. So do share if ou have any, lets make the owner feel proud of what they have done to their ride that make us envy them or dream to have one for christmas. Enjoy

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